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Relocation, Relocation, Relocation

Almost every day another story appears in the ongoing tug-of-war between Europe and the UK over euro clearing. And, of course, the story is given extra poignancy when viewed through the varifocal lens of Brexit. But in this instance what exactly does “relocation” mean? Especially when we are talking about a global currency like the euro. Listening to the politicians, it sounds... Read More

MiFID II – the best thing that ever happened?

So, if you’re planning to attend any kind seminar on what you need to do for MiFID II over the next few months, forget it and go to the movies instead. You’re simply too late and whatever plans you have (or have not) put in place will just have to do as there are only 6 months left to go. The more important questions concern how regulators will interpret and enforce the new... Read More

Be careful what you wish for

Those of us who remember the good old days will recall the industry debate as to how much dark liquidity was really in existence. In one corner were the exchanges who, through FESE, claimed that the amount of malevolent dark trading going on was unacceptably high. In response the brokers claimed through their trade body, AFME, that actually it was pretty low. And, as we all know,... Read More

Thomas in Blockland

Thomas the crossing network wasn’t happy. For years he had enjoyed helping his friends buy and sell things amongst themselves. Sometimes he would even step in directly and agree to buy or sell something himself, especially if there was an awful lot of it. But now he had a tricky choice to make. The ruler of the land, The Regulator, had been convinced by the Exchanges that... Read More

Mince pies and MiFID

I spent the holidays diligently researching the best brand of mince pies in order to settle a pre-Christmas debate here at Fidessa Towers. Naturally my criteria included a number of factors including (but not just) price and, perhaps surprisingly, the winner was Tesco’s in-house bakery. Back at work, my attention turned to my other favourite M word – MiFID II – as... Read More

I’m afraid of Americans

It’s always cool when two different things come together to make you think. That’s exactly what happened on my commute this morning as I listened to David Bowie’s much-underrated album, Earthling. Just as I read another piece about the US election, my ears were treated to the classic track “I’m afraid of Americans”. I will leave you to listen to the song yourself,... Read More

Anyone for MiFID 3?

I was chatting with the Reg folks here at Fidessa Towers yesterday and the spectre of MiFID 3 came up. Before you all jump off the window ledge there is no official notion of this yet, but when will the regulators feel that their work really is done? The direction of travel has been clear for a while – dismantle the current industry and replace it with something that is utilitarian,... Read More

Mexico blues

Back from a couple of weeks in Mexico where it seemed the whole world was going steadily insane (or maybe that was just the tequila). Anyways, it was reassuring to start the week with another “wow is that what they really meant?” moment whilst gorging on the never-ending box set known as MiFID 2. This time it’s about the obligations on brokers to report annually their... Read More

Brexit hangover

I was out fairly late last night at an industry function and almost forgot that I had an internal Brexit briefing here at Fidessa Towers this morning. As the memories of the fine Barolos I’d been served rescinded, I engaged with my dear friend and colleague Dr Voigt on what the whole Brexit thing might mean for our industry. Christian made some good points as usual, including... Read More

Brexit blues

Interesting to read over the weekend that London’s mayor Boris Johnson has decided to throw his charismatic and not inconsiderable weight behind the “NO” campaign. Most agree that this shifts the possibility of a Brexit from remote to now distinctly possible. I wonder, therefore, what this means for all the rules we are in the midst of implementing as part of MiFID,... Read More

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